Coinbase Pro Transfers showing as Income

Koinly Support
#1

My transactions are appearing as “Income” instead of “Transfers”.

For example, I have Bitcoin in Coinbase Pro

I transfer my bitcoin from Coinbase Pro directly to my hardware wallet with bitcoin address.

Koinly is showing the following transactions:
Wallet: Coinbase Pro → Transfer → Wallet: Coinbase
Wallet: Coinbase → Withdrawal → Wallet Address
Wallet: Bitcoin → Income

This is happening for all of my transactions, it is incorrectly displaying this as Income.

The Date/Time of the Transfer is before the Income, all timestamps appear to be in UTC
The amounts are similar
The ‘tx hash’ is on both transactions (Withdrawal & Income).

I have tried deleting Cache, it did not change anything.

The same issue appears for other coins like ETH and DOGE also.

One thing to note is, the transfer appears to go via Coinbase. But I did not do that. In Coinbase Pro I am sending directly to the Wallet address. It appears in the background it is going via Coinbase, and since these are connected via API it is showing this as a transfer from Coinbase Pro wallet to Coinbase wallet which isn’t accurate.

Anyone else encountering the same issue?

3 Likes
#6

Yes I have this issue as well. I can fix it manually to where it looks right so that I can file taxes properly but if I generate a tax report, it reads as if I have extra coins.

Example, say I have 10 ETH and send from Celsius to Coinbase Pro. Koinly is reading it as a withdrawal/sell. I change it to a transfer because that’s what it is. Numbers look good on the Koinly dashboard after this.
But Koinly is treating it as if I gained 10 more ETH from that transaction and spitting out that I have 20 ETH on my year end report.

I’m not sure if that’s going to be a problem with the IRS. I mean I’d be paying what I owe but it’ll look like I’m lying about the amount of coins I’m holding.

#8

Yup, transfers showing up as taxable events (disposition)

#15

This issue is still NOT fixed. I am having this problem even after completing deleting my coinbase pro account and re-adding it, as well as resyncing from the beginning.

#2

Yes, I see the same thing when I send any crypto from Coinbase Pro (or anywhere) without a corresponding transaction in the destination account. I’m guessing since Koinly has no idea where you sent the coins that they feel it’s best to assume a sale.

Personally, I have set up my hardware wallet in Koinly also so when I now have a similar set of transactions as yours, I see:
Coinbase Pro → Transfer → Coinbase
Coinbase → Transfer → Bitcoin (Ledger)

If I do the same transaction from Coinbase Pro to Voyager (who Koinly doesn’t have working properly) then I see entries just like yours.

Hope this helps you understand what’s happening.

#3

thats the thing though, in this situation I have added my Bitcoin wallet (the XPUB key). So here Koinly is seeing the transaction come, but it doesn’t connect them, it shows a Withdrawal and a separate Income. It should be able to link them since the wallet address and transaction hash is in both transactions but it fails to do so.

weird how it seems to work fine for you.

I contacted support and they told me I should select the ‘Withdrawal’ transaction and the ‘Income’ transaction, and ‘Merge’. Once merged it correctly shows it as a Transfer – still no idea why it isn’t doing it automatically tho like it seems to for you. For now this is fine tho

#4

Yeah I have the same problem with AGLO. Coinbase, Coinbase Pro and Algorand wallet all added via the API but it only pick up transfers between Coinbase and Coinbase Pro and count the Coinbase Pro and Algorand wallet transactions as withdrawal and income respectively.

On another note the extra intermediate step adds yet another transaction that counts toward the limit even though it does not really exist for the user.

1 Like
#5

Also seeing this too. Hope it gets resolved.

#7

Yes this is ridiculous. I have 90 pages of transactions. All the transfers are marked as sales. Koinly is supposed to save me time. Not create more work for me… ugh…

2 Likes
#9

i got the same issue. transfers after n change of price are calculated as loss or win. will this be changed? it is just a transfer no trade …

#10

It’s been about a month and it is tax season, so I wanted to check in to see if this issue has at least been accepted by Koinly and a fix is being implemented? Thanks!

#12

Hello!

Please see my answer below :slight_smile:

Best regards,
Alex

#11

Hello!

Alex from Koinly here :slight_smile:

This issue has been resolved on our end, but if you set up your Coinbase wallets a while ago before the fix was implemented then you’ll have to either re-sync from beginning or delete the wallets and set them up again.
Doing this should fix those transactions :slight_smile:

If anyone tries this but still having issues then please send us an email at [email protected] so we can take a closer look!

Best regards,
Alex

1 Like
#14

This issue is NOT fixed. Even after completing the steps you laid out above.

#13

@Alexander_Koinly
I have the same issue, I deleted both my coinbase account and coinbase pro and synced them and the issue still appears. This is very annoying, I already submitted my taxes and now after realized the issue I see that I reported more gains than what I have made

#16

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